Bankruptcy Lawyer in Birmingham Alabama
Clients Are Like Family
Excellent Client Reviews
Clients choose John W. Clark IV not only because he is award-winning and experienced, but also because he is highly trusted and regarded. He has represented hundreds of small and medium-sized companies in business and commercial law across Alabama and in the Florida panhandle.
John’s mix of education and experience provides clients with a competitive edge. With a bachelor’s degree in business administration and a master’s degree in banking and finance, he is grounded in the inner workings of strategic and effective business operations. Pair that knowledge with his trial and negotiation skills — across many industries — and you get the best of both worlds: an astute business counselor and seasoned litigator.
Life is unpredictable, and so are its challenges. Ultimately, how we handle those challenges can determine whether...Read More
To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation...Read More
What Are The Differences Between Chapter 7 And Chapter 13 For Individuals?
In chapter 7 your assets and liabilities are essentially “frozen” with the filing of the bankruptcy petition. You keeps the “exempt” property/assets. The bankruptcy trustee takes the non-exempt property/assets and liquidates that property. The trustee then distributes the proceeds of the liquidation of the non-exempt property/assets to your existing unsecured creditors. You are then relieved (discharged) of the duty to pay most existing debts and your future earnings cannot be seized by the existing creditors. Lenders with loans on a house or vehicle are either paid as agreed or the items are surrendered to the lender.
Please note that some debts survive the chapter 7 or chapter 13 process – such as student loans and certain taxes. Read More
Chapter 13 instead focuses on your future income rather than your existing property and assets. In Chapter 13, you keep all of your property and assets and pay your creditors out of your future income through a “plan.” Monthly payments are made to the bankruptcy trustee. The bankruptcy trustee takes those payments and, in turn, pays your “secured” debts (home mortgage, car loan, etc.). Then, if there is money left over after payment to the secured creditors, the trustee pays the remaining disposable income to your existing unsecured creditors based on your plan. The court-approved plan lasts for 3 to 5 years. At the end of the plan, the balance of the unpaid debts included in the plan is forgiven (discharged). Read More
What People Say
“John listened very closely to my situation and the objectives I wanted to accomplish with an employment contract and stock purchase agreement. He had great insight on ways to achieve mutual agreement and offered very good advice. I would highly recommend John.”
“I trust Clark Law Firm implicitly with all of my small business legal matters. John Clark helped set up my business; has developed thorough agreements that protect my business interests while still being very fair to my clients; and has been just a phone call or email away when...”
“Thank you John for the professional, fast and positive results, in both legal situations I encountered in the past 16 months with my business. As a senior citizen and retired widow, many people in the business world like to take advantage of my situation, but with...”
“I recently called John and asked him to review some legal documents for me. He got right to the task and followed up with me. I very much appreciated his advice and will be able to implement it into my business. It's great to finally find a lawyer who is just a common man...”
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Frequently Asked Questions
- What happens when I file a Bankruptcy Petition?
A bankruptcy attorney will prepare your bankruptcy “petition” to file with the court. Depending upon your circumstances, a bankruptcy petition may be 50 pages or more. The petition includes all your financial information, your financial history, and a list of all of your assets, cars, real estate, personal property, bank… Read More
- Which of my debts will not be eliminated (known as being “discharged”)?
Certain debt under the Bankruptcy Code cannot be eliminated and is known as “non-dischargeable” debt. Non-dischargeable debt includes recent income taxes, student loans, alimony, child support, restitution or compensation ordered by a criminal court, civil judgments for injuries due to intentional torts or driving while intoxicated, and any debts incurred… Read More
- Will filing Bankruptcy stop a foreclosure or eviction?
Yes. When you file your bankruptcy “petition,” all foreclosure or eviction proceedings are immediately stopped. At the moment you file a petition seeking bankruptcy relief, the Bankruptcy Code imposes an injunction on all of your creditors called the “automatic stay.” The automatic stay prohibits your creditors, including a mortgage lender… Read More
- Will the Bankruptcy Court garnish my wages?
No. Neither the Bankruptcy Court nor creditors have a right to garnish your wages while you are under the protection of the Bankruptcy Court. Read More
- May I keep my house in a Chapter 7 bankruptcy?
Most likely. You may be able to retain your home if you have no “equity” in the property. If your home is currently valued at less than the outstanding amount of your mortgage (or the outstanding amount of your first, second, third mortgage, etc. when combined), then you home has… Read More
- May I keep my house in a Chapter 13 bankruptcy?
Yes. Under a Chapter 13 plan, you must prove to the Bankruptcy Court that you have sufficient income to once again start paying your monthly mortgage payments. You must also prove to the Court that you can pay the past due amounts to your mortgage lender (the “arrears”) spread out… Read More